Montenegro’s total foreign trade in January 2024 amounted to €233.5 million, marking an 18.8% decline compared to the same month last year, according to preliminary data from the Statistical Office of Montenegro, known as Monstat. The country exported goods valued at €29.2 million, representing a significant drop of 32.7% year-on-year. Meanwhile, imports decreased by 16.3% to €204.3 million.
The coverage of imports by exports stood at 14.3%, down from 17.7% in January 2023. This indicates a continuing trend of imbalance in Montenegro’s trade dynamics.
Trade Composition and Import Dynamics
In terms of export composition, the predominant category was mineral fuels and lubricants, totaling €10 million. This figure includes electricity exports, which were valued at €8.4 million. Notably, the value of electricity exports declined by 46.4% compared to January 2023, when it was €15.7 million.
Conversely, the value of imported electricity surged to €6.76 million, reflecting a dramatic increase of 86.8% compared to the same month last year. This rise indicates an increased reliance on imported electricity, which may have implications for energy policy and pricing in Montenegro.
According to Monstat, the main categories of imports included machinery and transport equipment, which totaled €48.1 million. Road vehicles accounted for €20.9 million of this total, underscoring the significant demand for transportation-related goods. Additionally, Montenegro spent €42.13 million on food imports, down 8.7% from the previous year. In contrast, food exports generated €3.06 million, an 11% decrease year-on-year.
Key Trade Partners and Economic Context
Montenegro’s primary export partners in January included Serbia, with exports valued at €7.8 million, followed by Bosnia and Herzegovina at €4.8 million and Luxembourg at €2.1 million. On the import side, the largest partners were Serbia, contributing €33.5 million, China at €25.9 million, and Germany with €19.1 million.
The trade dynamics reveal that Montenegro’s foreign trade was most substantial with signatories of the Central European Free Trade Agreement (CEFTA) and the European Union (EU). The shifts in trade values could reflect broader economic trends and may influence future trade policies.
As Montenegro navigates these changes, the implications for its economy and trade relationships remain significant, warranting close attention from policymakers and stakeholders alike.
